Arsenal has spent £36 million this summer, which pales in comparison to the likes of Manchester United and Manchester City, who have spent about five times as much. The club's big signing was Swiss midfielder Granit Xhaka, who joined from Borussia Monchengladbach. The club has been linked heavily to German center back Shkodran Mustafi and French forward Alexandre Lacazette, but the inability to push moves over the line, combined with a massive injury crisis that involves some of the club's biggest stars has left fans–and Henry–with questions.

"I know we say that [manager Arsene Wenger is] looking for some players to come back ... but there's just one thing that I don't really understand, is we've been told toward the end of the season that Arsenal was wealthy, we have money, we can compete against anyone on the market," Henry said on Sky Sports, where he is now a TV pundit. "Season starts. We can't compete on the market. Which on it is? I just don't understand.

"Really because I go back to what I said before. Is Arsenal still the first choice now in England? If a big player comes available on the market, first of all can you compete, can you put the money on the table? Is the money stupid? We all know that the money is stupid, but you have to pay. And does a player want to come to Arsenal? That's something that we all need to take into consideration.

"Are we still the first choice in England? I don't think so."

Henry went on to add that the club needs to add a center back and a striker–not necessarily a world-class striker, but one to offer something new–and that if it stands pat, Alexis Sanchez should be deployed behind a striker like Olivier Giroud and not up front on his own like he was vs. Liverpool. Giroud missed the opener, as he is still working his way back after a run to the Euro 2016 final with France.